2017 Arizona Revised Statutes
Title 29 - Partnership
§ 29-1001 Definitions

Universal Citation: AZ Rev Stat § 29-1001 (2017)

29-1001. Definitions

In this chapter, unless the context otherwise requires:

1. " Business" includes every trade, occupation and profession.

2. " Chief executive office" means the place from which the main part of the partnership's business is managed.

3. " Debtor in bankruptcy" means a person who is the subject of either:

(a) An order for relief under title 11 of the United States Code or a comparable order under a successor statute of general application.

(b) A comparable order under federal, state or foreign law governing insolvency.

4. " Distribution" means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee.

5. " Foreign limited liability partnership" means a partnership or limited partnership that is formed or created under laws other than the laws of this state and that is qualified as a limited liability partnership under those laws.

6. " General partner" means a partner in a partnership and a general partner in a limited partnership.

7. " Limited liability partnership" means a partnership or limited partnership that has filed a statement of qualification under section 29-1101.

8. " Limited partner" means a limited partner in a limited partnership.

9. " Limited partnership" means a limited partnership created under chapter 3 of this title, predecessor law or comparable law of another jurisdiction.

10. " Partner" means a general partner and, for purposes of article 9 of this chapter, both a general partner and a limited partner.

11. " Partnership" means an association or entity formed under section 29-1012, a predecessor law or a comparable law of another jurisdiction.

12. " Partnership agreement" means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement.

13. " Partnership at will" means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.

14. " Partnership interest" or " partner's interest in the partnership" means all of a partner's interests in the partnership, including the partner's transferable interest and all management and other rights.

15. " Person" means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity.

16. " Property" means all property, real, personal or mixed, tangible or intangible, or any interest in such property.

17. " State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States.

18. " Statement" means a statement of partnership authority under section 29-1023, a statement of denial under section 29-1024, a statement of dissociation under section 29-1064, a statement of dissolution under section 29-1075, a statement of merger under section 29-2205, a statement of qualification as a limited liability partnership under section 29-1101, a statement of foreign qualification under section 29-1106 or an amendment or cancellation of any of the foregoing.

19. " Transfer" includes an assignment, conveyance, lease, mortgage, deed and encumbrance.

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